FormFactor (NASDAQ:FORM) Announces Q4 2026 Earnings Guidance

Key Points

• FormFactor raised or updated Q4 2026 guidance to EPS of $0.86–$1.04, above the $0.79 consensus, and revenue of $275 million–$295 million, broadly in line with the $278.4 million estimate.
• The company’s latest quarter exceeded expectations, with EPS of $1.04 and revenue of $280.55 million, up 38.4% year over year. However, management expects Q4 gross margin to ease to about 54% as capacity constraints and Texas facility ramp costs weigh on near-term profitability.
• FormFactor shares fell 7.2% to $90.48, while analysts maintained a “Moderate Buy” consensus with an average price target of $139.73. Insiders have sold $5.5 million of stock over the past three months, with no comparable purchases reported.

FormFactor (NASDAQ:FORM - Get Free Report) updated its fourth quarter 2026 earnings guidance on Friday morning. The company provided earnings per share (EPS) guidance of 0.860-1.040 for the period, compared to the consensus estimate of 0.790. The company issued revenue guidance of $275.0 million-$295.0 million, compared to the consensus revenue estimate of $278.4 million.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. Evercore set a $150.00 price target on shares of FormFactor in a report on Thursday, July 30th. Cantor Fitzgerald reiterated an "overweight" rating on shares of FormFactor in a research report on Tuesday, September 22nd. Weiss Ratings raised FormFactor from a "hold (c)" rating to a "hold (c+)" rating in a research note on Friday, October 16th. Zacks Research downgraded FormFactor from a "strong-buy" rating to a "hold" rating in a research report on Monday, October 19th. Finally, TD Cowen lifted their price target on FormFactor from $100.00 to $110.00 and gave the stock a "hold" rating in a research note on Thursday. Seven research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $139.73.

FormFactor Trading Down 7.2%

FormFactor stock traded down $6.98 during mid-day trading on Friday, hitting $90.48. The company's stock had a trading volume of 318,635 shares, compared to its average volume of 1,643,100. The business has a 50 day moving average price of $116.81 and a 200-day moving average price of $113.36. FormFactor has a 12 month low of $47.33 and a 12 month high of $160.27. The stock has a market cap of $7.05 billion, a price-to-earnings ratio of 41.52 and a beta of 1.18. The company has a debt-to-equity ratio of 0.01, a current ratio of 4.08 and a quick ratio of 3.34.

FormFactor (NASDAQ:FORM - Get Free Report) last posted its quarterly earnings results on Wednesday, October 28th. The semiconductor company reported $1.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.86 by $0.18. FormFactor had a return on equity of 18.88% and a net margin of 17.72%. The business had revenue of $280.55 million for the quarter, compared to analyst estimates of $270.52 million. During the same period last year, the company earned $0.33 EPS. FormFactor's revenue for the quarter was up 38.4% compared to the same quarter last year. As a group, analysts forecast that FormFactor will post 2.70 EPS for the current year.

Insider Activity at FormFactor

In other FormFactor news, CEO Mike Slessor sold 17,510 shares of FormFactor stock in a transaction that occurred on Wednesday, September 16th. The shares were sold at an average price of $104.73, for a total value of $1,833,822.30. Following the completion of the sale, the chief executive officer owned 466,694 shares of the company's stock, valued at approximately $48,876,862.62. The trade was a 3.62% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Kelley Steven-Waiss sold 2,100 shares of the company's stock in a transaction dated Thursday, September 3rd. The stock was sold at an average price of $96.10, for a total value of $201,810.00. Following the completion of the sale, the director owned 24,426 shares of the company's stock, valued at approximately $2,347,338.60. The trade was a 7.92% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 46,710 shares of company stock worth $5,520,564 over the last three months. Insiders own 0.79% of the company's stock.

Trending Headlines about FormFactor

Here are the key news stories impacting FormFactor this week:

• Positive Sentiment: Record Q3 results: Revenue rose 38.4% year over year to $280.5 million, while non-GAAP EPS of $1.04 exceeded the $0.86 consensus estimate. Revenue, gross margin and earnings all surpassed the high end of management’s prior outlook, supported by demand for probe cards, DRAM, photonics systems and co-packaged optics. FormFactor's Q3 Earnings Beat Estimates, Revenues Increase Y/Y
• Positive Sentiment: Constructive longer-term expansion: FormFactor expects its Farmers Branch, Texas facility to help drive approximately $400 million in annual probe-card capacity by 2027, potentially easing current production limitations as the site ramps. FormFactor outlines $400M annual probe card capacity exit-rate by 2027
• Positive Sentiment: Favorable analyst ranking: FORM was added to the Zacks Rank #1, or “Strong Buy,” list, providing some support for the company’s growth and earnings outlook. New Strong Buy Stocks for October 30th
• Neutral Sentiment: Q4 guidance exceeded earnings expectations: The company forecasts EPS of $0.86–$1.04 versus the $0.79 consensus and revenue of $275 million–$295 million versus the $278.4 million consensus. However, the midpoint implies only modest sequential revenue growth.
• Negative Sentiment: Capacity and margin concerns: Management said productivity gains are moderating as its existing manufacturing footprint nears capacity limits. Q4 gross margin is expected to fall to about 54.0% at the midpoint from 54.7% in Q3, while ramp-related inefficiencies at the Texas facility may restrict near-term profitability. FormFactor Slides as Strong Q3 Results Are Overshadowed by Tepid Near-Term Outlook
• Negative Sentiment: Valuation and trading signals: TD Cowen raised its price target to $110 but maintained a “hold” rating. Separately, reported insider activity showed 45 sales and no purchases over the past six months, which may add to investor caution.

FormFactor Company Profile

FormFactor, Inc is a semiconductor test and measurement company that designs and manufactures equipment and components used to evaluate integrated circuits during the wafer fabrication and production process. Its products help semiconductor manufacturers and suppliers measure electrical performance, identify defects and improve the development and manufacturing of advanced chips.

The company's portfolio includes probe cards used for wafer-level testing, as well as probe stations, analytical systems and related accessories for semiconductor engineering and production applications.

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